Aldermen Joe Moreno and Roberto Maldonado proposed an ordinance last month that would attempt to slow gentrification along the 606 by imposing high fees on developers who demolish buildings near the elevated trail. How high? The City of Chicago currently charges a $500 demolition fee for any building, but the Chicago lawmakers want fees of $300,000 for a single-family home, $450,000 for a two-flat and even more for buildings with more units.
The money would go into a trust fund to help preserve affordable housing in a 2.5 square-mile strip along the 606 in neighborhoods like Humboldt Park and Logan Square. Morning Shift talks to Crain’s Chicago Business residential real estate reporter Dennis Rodkin about the details of the proposed ordinance, how likely it is to become law, and what supporters and opponents of the idea are saying.